B.S.W.: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
B.S.W.
Largest movements
- Receivables within one year -€524,848
down €524,848 (-65.0%), from €807,164 to €282,317
of which Other amounts receivable: -€332,676
- Tangible fixed assets -€50,207
down €50,207 (-30.8%), from €162,930 to €112,723
- Trade debts -€267,766
down €267,766 (-75.9%), from €352,659 to €84,893
- Tax, wage and social debts -€128,199
down €128,199 (-77.5%), from €165,517 to €37,319
of which Remuneration and social security: -€105,281
- Profit (loss) carried forward -€79,935
no longer reported in 2025 (was €79,935)
- Reserves -€39,576
down €39,576 (-9.6%), from €412,597 to €373,021
- Accrued charges and deferred income -€36,260
no longer reported in 2025 (was €36,260)
- Staff costs -€219,589
down €219,589 (-40.8%), from €537,647 to €318,058
- Other operating charges +€127,229
up €127,229 (+111%), from €114,505 to €241,734
- Gross operating margin -€29,430
down €29,430 (-5.5%), from €538,182 to €508,752
- Taxes +€12,497
up €12,497, from -€10,115 to €2,382
- Depreciation +€5,687
up €5,687 (+11.1%), from €51,101 to €56,787
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,105,477 | €530,002 | -€575,475 | -52.1% |
| Fixed assets | 21/28 | €244,100 | €200,327 | -€43,773 | -17.9% |
| Intangible fixed assets | 21 | €1,420 | €7,855 | +€6,434 | +453% |
| Tangible fixed assets | 22/27 | €162,930 | €112,723 | -€50,207 | -30.8% |
| Plant, machinery and equipment | 23 | €5,133 | €2,704 | -€2,429 | -47.3% |
| Furniture and vehicles | 24 | €64,192 | €40,836 | -€23,357 | -36.4% |
| Other tangible fixed assets | 26 | €92,104 | €69,183 | -€22,922 | -24.9% |
| Assets under construction and advance payments | 27 | €1,500 | - | -€1,500 | |
| Financial fixed assets | 28 | €79,750 | €79,750 | = | 0.0% |
| Current assets | 29/58 | €861,376 | €329,674 | -€531,702 | -61.7% |
| Stocks and contracts in progress | 3 | €4,923 | €1,551 | -€3,373 | -68.5% |
| Stocks | 30/36 | €4,923 | €1,551 | -€3,373 | -68.5% |
| Amounts receivable within one year | 40/41 | €807,164 | €282,317 | -€524,848 | -65.0% |
| Trade receivables | 40 | €248,972 | €56,800 | -€192,172 | -77.2% |
| Other amounts receivable | 41 | €558,192 | €225,516 | -€332,676 | -59.6% |
| Cash at bank and in hand | 54/58 | €31,246 | €36,006 | +€4,760 | +15.2% |
| Deferred charges and accrued income | 490/1 | €18,042 | €9,800 | -€8,242 | -45.7% |
| Total equity and liabilities | 10/49 | €1,105,477 | €530,002 | -€575,475 | -52.1% |
| Equity | 10/15 | €500,031 | €384,178 | -€115,853 | -23.2% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Contributions outside capital | 11 | €7,500 | - | -€7,500 | |
| Share premium | 1100/10 | €7,500 | - | -€7,500 | |
| Reserves | 13 | €412,597 | €373,021 | -€39,576 | -9.6% |
| Distributable reserves | 133 | €412,597 | €373,021 | -€39,576 | -9.6% |
| Profit (loss) carried forward | 14 | €79,935 | - | -€79,935 | |
| Investment grants | 15 | - | €3,658 | +€3,658 | |
| Amounts payable | 17/49 | €605,445 | €145,823 | -€459,622 | -75.9% |
| Amounts payable after more than one year | 17 | €18,091 | - | -€18,091 | |
| Financial debts | 170/4 | €18,091 | - | -€18,091 | |
| Amounts payable within one year | 42/48 | €551,093 | €145,823 | -€405,270 | -73.5% |
| Current portion of amounts payable after more than one year | 42 | €22,178 | €19,245 | -€2,933 | -13.2% |
| Trade debts | 44 | €352,659 | €84,893 | -€267,766 | -75.9% |
| Suppliers | 440/4 | €352,659 | €84,893 | -€267,766 | -75.9% |
| Taxes, remuneration and social security | 45 | €165,517 | €37,319 | -€128,199 | -77.5% |
| Taxes | 450/3 | €23,371 | €454 | -€22,918 | -98.1% |
| Remuneration and social security | 454/9 | €142,146 | €36,865 | -€105,281 | -74.1% |
| Other amounts payable | 47/48 | €10,740 | €4,367 | -€6,373 | -59.3% |
| Accrued charges and deferred income | 492/3 | €36,260 | - | -€36,260 | |
| Non-recurring operating income | 76A | €4,320 | €85,000 | +€80,680 | +1,867% |
| Remuneration, social security and pensions | 62 | €537,647 | €318,058 | -€219,589 | -40.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,101 | €56,787 | +€5,687 | +11.1% |
| Other operating charges | 640/8 | €114,505 | €241,734 | +€127,229 | +111% |
| Non-recurring operating charges | 66A | €14,597 | - | -€14,597 | |
| Gross operating margin | 9900 | €538,182 | €508,752 | -€29,430 | -5.5% |
| Operating profit (loss) | 9901 | -€179,668 | -€107,828 | +€71,841 | +40.0% |
| Financial income | 75/76B | €12 | €215 | +€202 | +1,683% |
| Recurring financial income | 75 | €12 | €215 | +€202 | +1,683% |
| Financial charges | 65/66B | €14,254 | €9,516 | -€4,739 | -33.2% |
| Recurring financial charges | 65 | €14,254 | €9,516 | -€4,739 | -33.2% |
| Profit (loss) for the period before taxes | 9903 | -€193,911 | -€117,129 | +€76,782 | +39.6% |
| Income taxes | 67/77 | -€10,115 | €2,382 | +€12,497 | |
| Profit (loss) for the period | 9904 | -€183,796 | -€119,511 | +€64,285 | +35.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€183,796 | -€119,511 | +€64,285 | +35.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.